What REALTORS® Wish Their Buyers Knew

Buying a home is infinitely different than any other type of purchase you will ever make. With an investment this large, you not only need to rely on the advice of industry experts, but you’ll also need to do your own due diligence. The more you know, the less stressful the experience.

Here are some of the top things REALTORS® wish buyers knew about the homebuying process.

Your REALTOR® is Your Trusted Partner

When you choose to work with a REALTOR®, their fiduciary responsibility is to you. This means you have an experienced professional looking out for your best financial interests, and someone who subscribes to the National Association of REALTORS® strict Code of Ethics. Your REALTOR® is contractually bound to do everything they can to protect you while helping you find the home of your dreams.

REALTOR® Dawn Brewster, with RE/MAX Real Estate Professionals, says her goal is to build and maintain a strong partnership with all of her clients.

“I am deeply committed to my buyers and am passionate about educating them on the market and ensuring they are properly prepared,” she said. “I want to earn my clients’ trust so they can be open with me as far as what are looking for, what they can afford, and what their goals and expectations are. That honest, two-way communication is critical to the process.”

Pre-Approval is a Must

Most REALTORS® won’t even begin showing homes without a pre-approval letter. There are several reasons for this that benefit both the REALTOR® and the buyer. For one, a pre-approval letter provides proof of a buyer’s ability to obtain financing, and also a price range a buyer should stay within. This saves both parties a lot of time and frustration during the home search.

Brewster says this letter is an important first step for every buyer because it also strengthens their negotiation ability.

“This market is moving very quickly, and there is a lot of competition,” she said. “When I submit an offer for my client I need to have a complete package, and that letter is an important piece. In fact, many sellers won’t even entertain an offer without it.”

Every Home Has Issues

Today’s buyers are busy and most don’t have the time, energy, or finances to take on a fixer upper or a large remodeling project. While “move-in ready” may be on every house hunting wish list, Brewster says buyers need to be open-minded.

“As a homeowner, projects and repairs come with the territory,” she said. “So during your search, focus on big-ticket items, like the roof or the windows and try not to get too caught up in the little things. I have seen buyers walk away from some great properties over something as small as a paint color, which is really a minor fix.”

Buyers should also be prepared for the inspection process, keeping in mind that there will rarely be a perfect report. Even a brand new home may have something worth noting, so again, the focus needs to be on any major items in the report that are worth negotiating.

Always Think About Resale

When you’re searching for a home, especially if it’s your first, you are probably not thinking about the day you will sell it. But, any experienced REALTOR® will advise a buyer to always keep resale top-of-mind.

To maximize your value and ensure you are making a wise investment, pay attention to things like location, floorplan, number of bedrooms, storage and closet space, and the functionality of the kitchens and bathrooms.

Not Everything is as Simple as it Seems on TV
Real estate reality shows continue to top the ratings, but rookie buyers shouldn’t believe everything they see on TV. While these popular programs can make the buying or remodeling process seem pretty simple, there is much more going on behind the scenes that gets left on the cutting room floor.

But that doesn’t mean you should stop watching. Home improvement shows have provided buyers with great design inspiration and house hunting education. So, jot down your ideas and questions, and then rely on the professionals for sound advice.

Original Source: https://www.lansingstatejournal.com/story/marketplace/real-estate/2018/04/19/what-realtors-wish-their-buyers-knew/531513002/

Original Author: Amanda Oboza

Original Date: April 19 2018

5 Secrets to Help You Sell Your Home

The main focus for homeowners and realtors alike when selling a home is to get the best offer on the home within the shortage amount of time possible.   Below are five secrets that can help sell your home quickly and with a favorable offer.

  • Presentation

A home should not be put on the market unless it is 100% presentable, has no pending repairs, is priced appropriately, and is ready for a buyer.  Many times, buyers only take couple of months to buy a home.   The last thing you want to do is put your home on the market before it is ready to sell as many buyers won’t have a proper perception of your home.  They are looking for a home that is ready for them to buy.  Sellers will lose out if they market their home before necessary repairs are done.

  • Priced Right

Another important element is pricing your home correctly for the current market.  A real estate agent can help you determine the worth of your home.   Often homeowners price their homes based on how much they need to make from it instead of how much it’s worth.  If your home is overpriced for the market, it will be harder to find a buyer. If it’s underpriced on the other hand, potential buyers might think there are underlying issues within the home.  Buyers do not want to buy a home that constantly requires repairs and underpricing a home often gives this perception.

  • Curb Appeal Matters

The appearance of your home inside and out matters.  When potential buyers come to view your home, they start making their decision.  It doesn’t matter how big and beautiful your house is, if the yard is unkempt, dust has accumulated, the pool is a mess, and so forth potential buyers will not be attracted to it. You want to get good offers for your home? Make sure it is presentable from the day you put in on the market.

  • Find a Local Real Estate Agent

Find a local real estate agent to assist in the sale of your home.  Find a realtor that will assist you in your ultimate goal; finding a buyer quickly who is willing to offer the best offer.  Talk to local realtors, talk to other homeowners, and determine who the professional is that you need to be working with to sell your home.  It is important to find a realtor that you have determined to be professional and will do a good job for you.  Ask the hard questions.  You are paying for the services that a realtor is providing so be sure to get the return on your investment you are looking for.

  • Cozy and Welcoming

When your home is up for sale it is important to create an environment that is welcoming, easy to show, and comfortable.  Buyers often making their decision based on how they feel within the home.  Create an environment that makes your home easy to show by ensuring all rooms are accessible, that there is no clutter that hinders getting around the home, that the lighting, and smells within the home are all pleasant.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

Deal or No Deal? 8 Times Bargain Hunting for a Home Can Backfire

Everybody loves a bargain. But getting one handed to you, gift-wrapped, in this housing market? Fat chance.

Limited inventory has boosted prices, and in many cities, sellers have the big end of the stick. It’s rare to see buyers scoring a fabulous house in a desirable neighborhood for thousands of dollars under asking price.

So to save some cash, you might feel compelled to make some compromises, try to negotiate, and look for the hidden bargains.

But beware of taking your thriftiness too far—because you just might regret it. Read on for eight times bargain hunting can actually backfire.

1. Working alone instead of with an agent

Thinking of just doing this thing on your own? Don’t.

“When we talk to clients about the deadly mistakes home buyers make when purchasing a home, No. 1 is buying a home without representation,” says Brian Cournoyer, a Realtor® with DeSelms Real Estate in Franklin, TN.

First, it’s important to know that you won’t save anything by skipping the buyer’s agent, because that cost isn’t on you. Typically the seller pays the commission for both the seller’s agent and the buyer’s agent.

And if you consider yourself a master negotiator, or think you can search for homes just as well as the next guy, know this: Agents have a host of training and tools designed to find the right properties and get you the best deal.

“Everyone thinks they can go online and pull up comps, but they don’t have access to all the real-time information that agents do,” Cournoyer says.

2. Assuming you can get a deal on a short sale

OK, so most sellers are in the driver’s seat. But what about sellers who need to offload their home fast? There’s gotta be some of those out there, right?

Jen Birmingham, a Realtor® with Coldwell Banker in Petaluma, CA, says one of the biggest mistakes she sees is people counting on short sales to snag a bargain.

“Because home values are way above where they were when a lot of people were underwater, short sales are few and far between right now,” she says. “Buyers need to know that what was working six years ago is no longer applicable.”

3. Making big compromises just to score a deal

Buying a home that doesn’t have enough bedrooms, is located two hours from your work, or needs a mountain of money to make it livable is no bargain, even if its list price is far below your budget.

The trouble is, in a hot market, buyers often ignore these blazing-red flags, Birmingham says.

“What I see is a lot of people wanting so desperately to get into the market that they’re willing to make compromises that may have originally been deal breakers,” she says.

Think carefully about your must-haves, and do your best to stick to the list.

4. Hiring the cheapest inspector, or none at all

While it might seem economical to skip a professional home inspection, be aware that what you save now you’ll probably pay for later, Cournoyer says.

In older homes, an inspector can discover problems such as termite infestations or crumbling foundations. Even for new builds, it’s wise to hire a pro who can spot material defects or unfinished work in out-of-the-way areas such as crawl spaces or roofs.

“For instance, we have some pictures taken by an inspector that we show clients, where builders left a sheet of 4-by-8 plywood over the top of the chimney,” Cournoyer explains. “If we hadn’t had that inspected, this house may have burned down when they built their first fire.”

And there’s a double whammy: Forgoing an inspection also means you lose the ability to renegotiate if, say, you notice evidence of a leaky roof during the final walk-through.

5. Requesting an endless list of inclusions

Back when buyers held court, sellers routinely ended up including major appliances and other household goods in the contract. Anything to seal the deal, right? Well, those days are long gone, Cournoyer warns.

“Buyers tend to lose touch with reason a little bit, and think they should get everything,” he says.

Want to win that house? Make your asks equal to the price you’re offering.

“If you want to offer up a whole ton of money, you can be a little more high-maintenance,” Cournoyer says. “But when you’re out there searching for a bottom-of-the-barrel deal, you’d better just be asking for the house and that’s it.” 

6. Insisting on unreasonable repairs

Certainly, if the home inspection turns up a major issue requiring immediate attention, buyers should ask that a repair be done prior to closing. But don’t assume a seller needs to revamp the entire property or make cosmetic changes.

“I had an experience recently where the buyers wrote out a huge laundry list of requests for the seller,” Birmingham recalls. “It was a really nicely flipped property, yet the buyers were still asking for more customization. The seller had put on a new roof, and they wanted two skylights installed.”

When Birmingham suggested this could anger the seller and limit their chances of getting the home, the buyers wouldn’t budge. Guess what? They didn’t get the house.

“The seller had three other offers, and didn’t want to deal with my buyers because their demands were so off the wall and unrealistic,” she says.

7. Making a lowball offer on a home that’s been languishing on the market

Some buyers figure that any listing that’s been up for more than a couple of weeks must have a desperate seller behind it. But, Birmingham notes, a low offer will not only cost you credibility in the seller’s eyes, but could also spark a bidding war.

“Usually when a house is on somebody’s radar as a bargain, there’s somebody else that has the same feeling at the same moment,” she explains. “So you’ll usually still be in competition in a multiple-offer situation.”

Speaking of which…

8. Employing the wrong strategy in a multiple-offer situation

When you’re one of many offers on the table, it’s important to stand out in a positive way, Cournoyer says.

“Agents have a few tricks we can put in the offers that help us rise to the top of the pile,” he says. “Yet we see buyers who don’t submit clean offers—making (contingencies) on a home sale, for example—which clutters up a contract.”

Birmingham agrees that ignoring your agent usually means missing out on a house.

“In most situations, if the house is priced properly, a good Realtor is communicating with the listing agent about how many offers are coming in,” she explains.

“Buyers really have to be ready to step up with an above-asking offer if they want the house,” she adds. “Sometimes, it takes a few losses for buyers to understand that process.”

Original Source: https://www.realtor.com/advice/buy/ways-bargain-hunting-home-backfire/

Original Date: April 4 2018

Original Author:

Ask the Realtor: Explaining the role of a buyer’s agent

 .

The other day I received a call about a listing of mine from a buyer named Kevin. He requested a showing as soon as possible. Unfortunately, even though the home had been on the market only a short time, it was already under contract.

Kevin was clearly disappointed with this news.

“I assume you are not working with a buyer’s agent,’’ I said.

I was right.

“Since we only just started looking a few months ago,’’ he said, “we didn’t want to commit to working with an agent yet.’’

News flash: The most important time to start working with a buyer’s agent is at the very beginning of your search. If Kevin had been working with an experienced buyer’s agent, he would not only have been informed about my listing more than a week ago, but also educated on how the home-buying process works. He would have known that timing is key, because of the limited number of homes on the market and high demand.

His buyer’s agent would have also told him that offers were due at noon on Monday, two days before he called me. A good buyer’s agent could have been the difference between Kevin missing out on this house and owning his dream home.

Like any important consideration, research and education are essential. Buying a home can be very exciting, but also extremely overwhelming. It is important to understand how the process works. What baffles me is that many people will spend hours, even days, researching refrigerators or coffee makers, but when it comes to the largest investment of their lives, a house, they don’t take the time to find someone who can help guide them through this complex process. Although the Internet can be a great resource, it’s not a substitute for working with an experienced agent. The job of a buyer’s agent is to protect their client’s interests.

A buyer’s agent’s first step is to set up a meeting to explain everything involved with a home purchase, beginning with making sure you speak with a lender to understand what you can afford. I cannot tell you how many buyers are out looking at houses every weekend, not even knowing how much they can really afford. That’s a waste of time.

Experienced buyer’s agents explore your motivation for purchasing by asking lots of questions: How far away is your day care? How long of a commute can you tolerate? They will ask whether you prefer to be walking distance from the center of town or out in the privacy of the suburbs. They will ask what your nonnegotiables are when it comes to choosing a home. Based on your answers, your agent will make suggestions as to which communities and what types of homes might work best for you. They will listen and help you find an area that will satisfy your needs and financial limitations. They will educate you on what you can get for your money in each community, and once you find a home, will advise you on how to craft a strong offer. They handle all of the negotiations and the paperwork right through to closing. Your agent will also have a list of trusted service providers they can recommend, such as inspectors, lawyers, lenders, electricians, and movers.

Buyer representation will make a tremendous difference in your experience. Unlike Kevin, who missed the offer deadline, you will have all of the information you need at your disposal — when you need it. Without an agent, you may miss out on what could be the perfect home for your family. Don’t be like Kevin. Contact a good buyer agent to help you.

Original Source: http://realestate.boston.com/ask-the-expert/2018/03/28/buyers-agent-role-explained/

Original Author: Marjorie Youngren

Original Date: Mar 28 2018

Industry News…

Home buying trends: Millennials are more conventional than you might think

Conventional loans among Millennials hit two-year high

Millennial home buyers seem to have pretty good credit. According to new data, not only are their credit scores rising, but they’re also qualifying for more conventional loans – products that are traditionally more difficult to get without great credit.

Getting more conventional

According to the most recent Millennial Tracker from Ellie Mae, Millennials are increasingly choosing conventional loans over FHA, VA or other loan options. In fact, conventional loans made up 67 percent of all Millennial closed loans in January – the highest share in two years.

FHA loans only accounted for 32 percent of all Millennial loans for the month. Joe Tyrell, Ellie Mae executive vice president of corporate strategy, said this trend has been gaining speed.

“Historically we have seen Millennials look to FHA programs to help address their home buying needs, but in the past two months, FHA loans have represented less than 30 percent of the total loans for Millennials,” Tyrell said. “We view this as an indication that more Millennials are qualifying for conventional mortgages.”

Other Millennial home buying trends

Refinance loans were also up among Millennials in January. Refis accounted for 18 percent of all loans for the month – up from the 15 percent share seen since October. Millennial FICO scores rose too, increasing from 722 to 723 for the month.

The top three spots for female Millennial buyers were all in Wisconsin: La Crosse-Onalaska, St. Cloud and Green Bay. For male Millennials, it was Fairmont, West Virginia; Owensboro, Kentucky; and Macon, Georgia.

Women were more likely to use FHA loans. Thirty-two percent of women chose FHA financing compared to 27 percent of men.

Get today’s mortgage rates

Are you a Millennial ready to embark on the home buying journey? Shop around and see what mortgage rates you’d qualify for today.

Show Me Today’s Rates (Mar 21st, 2018)

Original Source: https://themortgagereports.com/36628/home-buying-trends-millennials-are-more-conventional-than-you-might-think

Posted 03/09/2018

5 Ways A Realtor Makes Buying A New Home Easier

A DYI house hunting project may seem like a good idea at first. You have a few ideas of what your dream home should be, so you decide to enlist a friend who knows your personality, your style, likes and dislikes, etc. You have a camera and measuring tape in hand, comfortable shoes on, but it dawns on you that you don’t really know where to start.

Buying a new home can get very emotional and challenging to say the least. It helps to have a realtor working on your behalf to simplify the process and to answer some tough questions that often surface. Consider the following ways a realtor can make buying a new home easier for you:

Neighborhood Knowledge

No one knows a local area better than a realtor, whom among other things, has reliable pricing information, they know why a neighborhood has a high distressed rate including neighborhoods that can suit your price range. Only a realtor can narrow the focus to the top two or three homes for you to consider within minutes.

Code of Ethics

If your realtor is a member of the National Association of Realtors (NAR), he or she will make a full disclosure of any problems with a property and be truthful when advertising it. They know that giving you false or misleading information when you are trying to buy a new home may lead to a hefty fine and a year’s suspension or a three-year expulsion from the association.

Finding Available Homes

Some homeowners want to sell their property privately due to financial difficulty, health issues, or from a divorce matter that needs privacy. Such homes are rarely advertised on websites, and sometimes they sold for a lot less. Working with a great realtor can give you access to homes you might otherwise miss on websites.

Pricing Expertise

Realtors have the experience to know whether a specific home is overpriced or underpriced. They can provide you every relevant information on all the houses on sales that you want to see and will advise you on how well a neighborhood holds its value through their years of carrying out various transactions in different neighborhoods.

Assessing Repairs and Handling Paperwork

Once you have your eyes set on a home, a realtor can recognize a few things that you may not see that need upgrading or repair and they can recommend a reliable home inspector who will provide a detailed report on problems with the house before you make an offer. They are also able to help you determine which of the repairs are worth spending money on and which you can comfortably live with.

A realtor will save you a lot of time and headache of finalizing all the necessary documentation. Thanks to their years of experience, they know the paperwork inside and out, and they remain levelheaded in tough negotiations.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

 

Selling Your Home? Don’t Neglect These 6 Maintenance Tasks—or Else

If you’re a homeowner, you already know that keeping your property in tiptop shape requires dedication and patience for ongoing maintenance. But what if you’ve put your home on the market, or even accepted an offer? Perhaps you’re thinking: Not my problem anymore.

Sorry, folks, we’ve got news for you: Just because you’re selling doesn’t mean you’re off the hook from routine maintenance tasks—and that’s especially true if you’ve already vacated the house.

Sure, a well-cared-for house shows better: Small things like broken doorbells and leaky faucets make buyers wonder if your property also has bigger issues elsewhere. But more important, a little routine maintenance can help you avoid a catastrophic problem down the line (e.g., burst pipes, roof leaks, critters moving into your attic) that could devalue your property and derail that sale.

To prevent minor issues from escalating into full-blown, money-sucking, sale-killing problems, focus on these six important areas you can’t afford to neglect.

1. Keep up the yard and walkways

Whether you’re still living at the home or not, you’ll want to make sure to keep your landscaping tidy—remove dead tree limbs, rake leaves, and clean out flowerbeds.

If your home is already vacant, have someone tend to the yard regularly so that grass and weeds don’t detract from your home’s appearance, suggests Kyle Hiscock, a Realtor® with Re/Max Reality Group in Rochester, NY.

“If your home does not have a well-maintained exterior, (potential buyers) will keep driving,” he cautions. “Plus, this kind of neglect can be a bull’s-eye for vandals to break into your property.”

Consider having lights on timers so the house doesn’t look dark all the time, and arrange for driveways and walkways to be plowed weekly in the winter months. And don’t let mail pile up in the mailbox.

2. Clean the gutters and check the roof

This one’s easy to forget about, even when you don’t plan on going anywhere. But when it comes to gutter and roof issues, neglect can cause a dangerous domino effect.

Overflowing gutters can damage your foundation, and also lead to drainage issues. And, of course, you don’t want buyers seeing puddling water as they approach your house.

Just ask Alise Roberts, owner/broker at Alise Roberts & Company in Bellevue, WA. In the rainy Pacific Northwest climate, she frequently has to remind her clients to keep sidewalks clear of moss and clean gutters of pine needles and leaves.

“Buyers, seeing the house when it’s raining, will also see your gutters overflowing,” she says. “That’s a terrible first impression.”

And then there’s the roof. Of course, it’ll be examined during the home inspection, but it would behoove you to do it before putting your home on the market. Small roof cracks can remain undetected for years, causing water to slowly infiltrate your home and damage ceilings and walls.

“If water starts to penetrate a property, it can be a very difficult sale,” Hiscock notes. “Water in basements or in homes is one of the top three things buyers are scared of.”

3. Service your heating systems

It’s not sexy, but the hidden guts of your home need regular attention, whether you’re still living there or not. That means having your HVAC systems professionally serviced.

First up, your furnace: If you get it addressed before you list your home, it won’t smell like dust when you crank up the heat during an open house on a chilly day. While you’re at it, have the duct work and filters cleaned as well. And if you have baseboard heaters, vacuum those out, too.

(Speaking of heat, Roberts suggests keeping the thermostat at 66 degrees Fahrenheit when agents are showing your house so buyers can visit your place comfortably. This will also avoid any issues with pipes freezing or bursting.)

Have a chimney? Be sure to have it inspected and cleaned as well.

“You want to make sure there are no cracked flue tiles, and that from the exterior, there are no gaps in the mortar between the bricks,” Hiscock explains. “Otherwise, you could potentially have the chimney fall over onto the house, and that’s a very expensive fix.”

4. Keep the critters out

If you don’t want to add “family of raccoons included” to your listing (and pay the hefty tab for getting them out), inspect the inside and outside of your home for any areas that need to plugged up. Take care of holes from damaged siding or fascia under the roofline—and do it promptly.

“In a colder climate, squirrels look for somewhere warm to go, and they’ll find their way into your property,” Hiscock says.

Stove and dryer vents, for example, should be covered with wire mesh to deter pests.

5. Wash your windows

Most people associate sparkling windows with spring-cleaning, Roberts says. But if your house is on the market, it doesn’t matter what time of year it is—you need to get those babies squeaky clean.

“If buyers walk through your home and all they see is dirty windows, that’ll really mar the showing process,” she says.

Make sure to wipe them down after a bad storm, when they’re especially likely to show muck and grime buildup.

6. Check the calendar

Depending on what time of year you bring your house to market, pay attention to any details that scream, “We don’t live here or care anymore,” Roberts says.

That means tackling seasonal tasks such as clearing away lawn mowers in the fall and storing shovels in the spring.

“Too often, I see a seller’s patio furniture still outside during the winter time. To me, that’s not a good reflection on the property,” Hiscock says. “It shows deferred maintenance and lack of caring, and can really turn off a potential buyer.

“If a seller can’t put away their patio furniture and lawn mower, what makes you believe that they’ve actually maintained the property all the years they’ve been there?” he adds.

Staying on top of these regular tasks will make it easier to sell your home with fewer headaches. Plus, it’ll preserve the value of your property, and potentially, the thickness of your wallet, too.

Original Source: https://www.realtor.com/advice/sell/home-maintenance-tasks-while-selling/

Original Author:

Original Date: Feb 1, 2018

Nine Questions to Ask Before Buying Your First Home

Buying your first home can be as exciting as it is demanding. Home ownership is a huge part of the long-term goals of many individuals especially as it provides much needed space for growing families. However, it is important to give this plan some thought as there is no time given to “think about it” after the purchase and there is no refund policy for you too. Hence, you must ask yourself the right questions, so you do not end up making costly mistakes. Here are nine practical and important questions you must ask yourself before you buy a home.

Why am I buying a Home?

This is arguably the most crucial question you must ask yourself as it is vital before you begin considering your options. Do you wish to buy and rent it? Are you going to live in it? Finding answers to these questions will help you determine the size of house that you would purchase and the loan structure that best suits the purchase.

What are your Long-term Career Plans?

Although you may have factored in the financial implications of a home purchase and consider yourself ready to buy a home, your career path may be an obstacle. If there is a chance you could be transferred from your current office location in the next few years, it may be ideal to reconsider your options.

What Kind of Neighborhood do you desire?

While your current situation – nature of job and age could play a big factor in deciding your choice of neighborhood, you might want to consider other factors such as the ease of access to public parks, the quality of local schools, and any other relevant environmental factors if you are thinking about starting a family in few years.

What is the nature of the house?

It would be near impossible to get the perfect house upgrade. The beauty of the wood floors or the amazing nature of the bay window may seem attractive, but you must really take a hard look at how outdated the apartment is and how much time you would invest if you engage in DIY projects yourself. This will help you avoid purchasing a home you could regret in future.

How much Utility can you reasonably afford?

Although your usage will largely depend on your family size, identifying the utilities you need to pay, and all the costs associated with moving into a potentially larger home will help you in making a wise decision.

Are there any environmental issues in the neighborhood?

Look out for any polluted sites in the area that may contain hazardous materials or any other contamination that could lead to emission of unhealthy fumes. You can make use of the Environment Protection Agency website to identify such areas.

What is the Security Situation?

You may be satisfied with the nature of the house and the local schools; however, you must consider the security of the area. In many cases, realtors may not inform you about every detail concerning the crime rate and overall security situation of the area. It is recommended that you contact the local police, ask for relevant security statistics and decide.

What would your Work Commute look like?

Have you found the perfect house already? Your work commute in the morning and evening should play a big part in your decision and if you find out you cannot bear the commute; the house is not one for you.

What is the Condition of the Drainage?

It is understandable for you to fantasize about the patios and visually pleasing lawns. However, the gutters are usually expensive to take care of when there is a problem. When it rains, does water pour over the gutters? Are there functional gutter guards in place? What is the proximity of the water emptying system to your house? These factors are crucial as you take that big step.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.

 

Which Generation Is Struggling the Most to Buy a Home? (It’s Not Millennials)

Scrimping and saving to come up with a down payment is no easy feat, especially when aspiring buyers have student loan debt, high rents, and soaring property prices to contend with. But millennials who are most likely to face those hurdles aren’t the generation having the hardest time saving up for a new home, a recent report finds. Instead, it’s Generation X.

The National Association of Realtors® report is based on about 4,000 responses received from non-homeowners in surveys performed each month in 2017.

Xers “are at an age where they may have children, car loans, credit card debt,” says Jessica Lautz, NAR’s managing director of survey research. “They’re also less likely to be able to move back home [with their parents] to pay down debt.”

 

About 47% of Generation X respondents said they were having difficulty saving up for a down payment. That’s compared with 23% of millennials.

Although the lingering pain of the financial crisis cut across age groups, it hit Generation Xers particularly hard.

“They were very likely to have purchased a home in the housing boom and then be hit by the housing bust,” says Lautz. “Generation Xers were most likely to have a home that was underwater.”

Not having sufficient home equity makes it harder to trade up to larger abodes to accommodate growing families.

But it isn’t just members of Generation X struggling to become homeowners. Millennials, many of whom are just beginning their careers and starting their families, make up the largest overall share of non-owners. Those making $50,000 or less were also more likely not to own their own abodes.

And despite 82% of non-owners aspiring to own a home in the future, the main reason that many are unable to do so is because they can’t afford it. Nationally, annual home list prices were up a median 7.8% as of Jan. 1, according to realtor.com® data.

“They believe that homeownership is part of their American dream,” says Lautz. But “[they’re] feeling priced out of the home-buying market.”

Original Source: https://www.realtor.com/news/trends/generation-struggling-become-homeowners-hint-not-millennials/

Original Author: Clare Trapasso

Original Date: Feb 7 2018

What your Buyer’s Agent Will Do for You

Are you considering the purchase of a new home?  Buying a home is never a simple task.  In order to purchase a home there are a number of elements that go into it.  One thing for sure is that you must have the cooperation of the individuals currently in possession of the home you are looking to buy.  Usually sellers have listed their homes with a seller’s agent as they are looking to find a buyer, so this part is usually a fairly simple part of the process.

Buying a house can be a very taxing and time-consuming process.  It can end with its fair share of problems as well if you don’t choose the right buyers agent.  To decrease the stress that comes along with the buying process, hiring a buyer’s agent is what you need to do. A good buyer’s agent ensures that you buy a house at the best possible price and with minimal exertion.

What does a buyer’s agents do?

Agents are essentially the main broker in such operations and deal in every aspect based on their client’s wishes. Hence, agents must have a great knowledge of everything related to houses, including marketing trends, street smarts, and thorough information about all the areas with houses for sale. Agents are the ones to initially advise you about the kind of property you should look for based on your wishes. After that, the buyer’s agent looks for houses meeting the requirements that their clients have expressed.

Real estate agents must have thorough knowledge of all the locations in which houses are for sale and must have a grab of the market trend prevalent in those areas. While dealing with the sale of the property, the agent is the one who talks and deals with the owners of the property, while representing the wishes of their clients. It is a buyer’s agent’s duties to make sure their client purchases the house they want at the best possible price and with the least hassle.

What you should expect?

It is important that buyers work with reputable agents since agents get a cut out of every single successful deal, they may often try to swindle you by brokering deals without disclosing all the details to you. Worse, agents might end up cheating you out of all the money you are entitled to with charges they might not have told you about before. Not all buyer’s agents are like this, with many being honest and highly efficient at their work. It is your job as the buyer of a home to find an agent that is dedicated to your needs.

Finding the Best Agent

It is necessary to hire the best possible real estate agent you can find. It is advised to always look for agents or real estate agencies that have a very good reputation in the market and a good reputation with previous clients. You need to thoroughly search for the real estate agent that works best according to your needs. Often you can easily tell the intentions of any agent at the very first meeting if you go with the intention of judging them. Many real estate deals end up in legal battles because of agent discrepancies, so make sure you buy the best possible buyer’s agent. A good buyer’s agent makes sure that you buy a house at the best possible deal while feeling the least stress during the process of buying a house.

Learn more about C21 Lady of the Lakes Realtors and the numerous services they offer including: buying a new home, selling a home, or renting a home at www.ladyofthelakes.com.  To contact one of our real estate agents call 734-426-6060 today.